Loan Apps Available In Nigeria – If James Okapara were to reconsider the choice he made last month to try to get his ailing mother back, he will no doubt avoid anything to do with online loan applications and what they stand for.
The proliferation of online loan applications across Nigeria by some fraudulent and unscrupulous scammers has become a necessary evil for many low-income Nigerians, who are forced to borrow to mitigate the effects of the situation. the economic difficulties of the country. Unfortunately, many of them fell prey to a network of fake credit applications hosted on the Google Play Store by individuals and companies to scam low-income workers. CHIJIOKE IREMEKA writes:
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25-year-old Okpara, who hails from Orlu, Imo State, was racing against time to save the life of his mother, who was lying in a hospital bed very ill, waiting for a blood transfusion. He fought successfully with his mother in the cold hands of death, but he did not escape the disaster that broke out later due to his inability to pay the debt with which he bought the blood that made his mother May he recover.
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The promising youngster, a professional drummer, regretted the day he downloaded the NCash online loan app on his Android mobile phone.
According to Mr. Solomon ForJesu, an eyewitness, Okpara was forced to borrow N26, 000 on November 4, 2021 to buy blood and was repaid N35, 100 on or before November 10, 2021 (within days six) or accident. embarrassment and humiliation by debt enforcement agents.
Unfortunately, with an interest of N9, 100 on a loan of N26, 000 in six days, bringing the total amount paid to N35, 100, Okpara was unable to meet his obligation to pay.
The young man who was full of life was hoping to travel abroad to greener pastures according to the promise given to him by the good Nigerian. He went to the village to see his recovering mother on the day he was expected to pay the debt. On the way, he made a strong effort to pay by transferring money to his lender via the Internet, but due to internet problems, he was unable to do so successfully.
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When he got to his village, Okpara was still unable to pay his loan until the next day when he received a message from the customer service officer about the loan request asking him to pay it.
After Okpara was unable to respond positively, the debt recovery agents began to engage in shameful acts, including sending hostile messages to Okpara and others he met. see. In the messages, Okpara was labeled as a villain and the public was advised not to have anything to do with him.
Sadly, the messages of hostility reached the man who was to support her overseas trip, who backed out of the plan after reading that Okpara was a villain. He separated from Okpara because of the messages.
Okpara’s dream was dashed after several failed attempts to get his supporter to see the situation differently. He broke down emotionally and lost his mind. And that was the last straw that broke the camel’s back.
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It turned out that his blood pressure went up and led to his death after seeing such a life-changing opportunity turned away from him, as well as the humiliation that followed. No, because of the bad debt collection scams that are rampant on the internet.
To find out what could have happened to Okpara and how the acts of shaming and shaming affect the creditors, a clinical psychologist, Dr. Candyfidel Onwuraokoye, said that this experience can cause stress which, if not dealt with immediately, can be fatal.
“The consequences of unusual treatment for these online loan applicants is the possibility that the victim may have a traumatic stress. Remember that they are already under stress before applying for a loan to cancel their heads. Causing them more stress can cause this condition and, if help does not arrive immediately, it could be fatal.
“This may not even lead to suicidal tendencies and actual suicide. Perhaps this may be the explanation of what happened to Okpara and it may still happen to many people if this method of recovery debts are not resolved,” he said.
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Some Nigerians have suffered a similar fate at the hands of online lenders. It’s what many people go through every day to make a living, unfortunately the regulatory agencies have yet to solve the problems.
Research has revealed that the effects of the COVID-19 epidemic and the manipulation of government policies are the evil twins that make the unemployed and the unemployed speculate on food even if they do not know where the sinking fund will come from.
“The ever-increasing prices of goods and services in the country without similar job opportunities, or rising wages and salaries are two scourges that are ravaging Nigerians. The situation will worsen next year when ‘ “The government is planning to increase the price of fuel at the pump,” said the economist. , Able Ndukwe.
He noted that with the loss of jobs and reduced incomes brought about by the epidemic, many low-income Nigerians have resorted to borrowing to survive. The unfortunate ones get caught in the web of fraudulent loan applications.
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“While there are other real loan applications, digital loan applications are designed as a platform where you can get quick loans without providing a Bank Verification Number (BVN) , the name, the request to allow the recording of images and videos, access to the site, communication, media and files on the device, “said the economist.
Some fraudsters, especially hobbyist cybercriminals, have been known to deliberately accept online loan applications to allow them to obtain personal information from unsuspecting bankers. they create a pool from which to trap their next victims.
They ask borrowers to pay off high-interest loans within seven to 15 days versus the 91 to 365 days shown on the Google Play Store before downloading the app. This violates the Google Play Store rules updated in August 2019.
An investigation has revealed that the Google Play Store does not allow apps that promote personal loans that expect applicants to pay back the full amount within 60 days or less. Why the law does not apply is a question that confuses the minds of many loan applicants.
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“We do not support applications that promote loans that need to be paid in full within 60 days or less from the date of granting loans (short-term loans). and third-party providers,” Google Store policy Play said.
Meanwhile, most of those who download these apps regret their actions. Some of them are cheated. They are now calling on the Central Bank of Nigeria (CBN), the Economic and Financial Crimes Commission (EFCC) and law enforcement agencies to intervene and protect them.
“My experience with Easy Credit is the worst. The girl called the day after my last day, threatening that all my contacts will be notified that I owe money to Easy Credit. Immediately , I transferred N10,000 to the account from Easy Credit but it was not processed,” said Akpotu Efeturi, the victim.
He said that after paying the N10,000 he borrowed, every day, he is being charged 1.5 percent interest for late payment.
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“I keep getting messages about interest until it accumulates to N59,000 in one month. The N10,000 I paid earlier never showed up. One morning, all the money in the account of it was canceled but no one came to me and said anything. I also sent proof of payment but no response. I hated myself for using this tool. They are scammers,” he said he said.
Also, if the story of Mr. Benjamin Udoh who borrowed money from Fair Money to boost his business is anything to go by, Nigerians who borrow from these systems are in serious trouble.
Udoh, a businessman, borrowed N200, 000 from Fair Money and was told to pay back with 50 percent interest within three months or risk having his bank details shared with the public. At 50 percent interest, I was supposed to pay N300 in three months to N100, 000 a month. Udoh paid N100,000 in the first month, but in the second month, he paid N50,000, blaming the poor sales.
As a result, he spent weeks unable to pay and while this was happening, he received calls and emails from claims workers asking him to pay off his loan. One of the messages read: “Dear Benjamin, Your Just Money loan of N200,000 is three weeks overdue. Late payment incurs late fees of 1.5 per cent per day. Please login to pay.”
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Although he sent emails to Fair Money asking for more time to pay, 1.5 percent late interest was introduced and added to the loan every day, making it difficult for him to take.
“A loan of N200, 000 that I was supposed to pay N100,000 as interest for three months made me use N230,000 to pay interest for five months.
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